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In guidance published today, the FCA says: “Some complaints about personal pension schemes may be considered by the Financial Ombudsman Service or by TPO. The schemes updated their memorandum of understanding which refers to this overlap in December 2017.

“We consulted on adding guidance to [the handbook] relating to firms making eligible complainants aware of TPO, and their right to refer their complaint to TPO, where relevant, in addition to requirements regarding the Financial Ombudsman Service.”

The TPO has historically dealt with complaints related to administration rather than advice, but the responsibility will lie with advisers to direct clients to the most appropriate complaints agency.

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